Veterinary Medicine Market Size Expected to Reach $29 Billion & Registering a CAGR of 4.6% from 2019 to 2027

Demand for veterinary medicine is on the rise, owing to surge in adoption of veterinary medicine across the globe. Furthermore, surge in animal medical expenditure worldwide is another major factor that fuels the market growth.

Animals are integral part of human life as humans use them for food, labor, and companionship. In addition, animals suffer from various medical conditions, which require immediate attention and treatment. Products such a drugs, vaccines, and medicated feed additives, which are used in the treatment of animals are defined as veterinary medicines. Moreover, there are different types of drugs used in companion animals and livestock animals.

"Veterinary Medicine Market by Product, Route of Administration, Animal Type, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2019–2027," the global veterinary medicine market was valued at $22 billion in 2019, and is expected to reach $29 billion by 2027, registering a CAGR of 4.6% from 2019 to 2027.

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Drugs include anti-infective, anti-inflammatory and parasiticide, which are employed in treatment of conditions such as hookworm and inflammation. In addition, products such as inactivated vaccines, attenuated vaccines, and recombinant vaccines are also employed in the treatment of various medical condition in animals. Furthermore, medicated feed additives such as amino acids and antibiotics are also used for treatment of animals. Moreover, veterinary medicines are administered through different routes such as oral, parenteral and topical. Furthermore, drugs, vaccines and other veterinary medicine products are used in companion animals and livestock animals.

The global veterinary medicine market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum veterinary medicine market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Zoetis, Inc., Merck & Co., Inc. (Intervet International B.V.), Elanco Animal Health, Dechra Pharmaceuticals PLC, Ceva Santé Animale, Virbac., Vetoquinol S.A., Boehringer Ingelheim International GmbH., ADM Animal Nutrition, and Evonik Industries AG.

The major factors that contribute toward the growth of the veterinary medicine market include rise in number of pet owners and surge in livestock population across the globe. Furthermore, factors such as surge in prevalence of various medical conditions in animals and rise in demand for livestock products also boost growth of the veterinary medicine market. In addition,

Rise in animal healthcare expenditure is another major factor that fuels market growth. However, lack of veterinary infrastructure facilities in underdeveloped nations and stringent regulations associated with medical feed additives restricts growth of the veterinary medicine market. Conversely, increase in awareness toward animal health offers a lucrative opportunity for the veterinary medicine market.

In addition, COVID-19 pandemic is another major factor that has profound effects on the veterinary medicine market due to the nationwide lockdowns across the globe. Thus, these lockdowns have led to emergence of new challenges and changes which are tedious to manage and every business is suffering. For instance, in veterinary medicines industry, COVID-19 has resulted in a decline of demand for veterinary medicines.

However, the supply has been in a good state and is ensured in by respective governmental institutions present in various countries. Thus, the overall impact of COVID-19 outbreak has been negative for the veterinary medicine market due to factors such as less veterinary visits and postponing of annual checkups of companion animals.

The global veterinary medicine market is segmented on the basis of product, route of administration, animal type, distribution channels, and region to provide a detailed assessment of the market. By product, the market is divided into drugs, vaccines, and medicated feed additives. The drugs segment is further divided into anti-infective, anti-inflammatory, and parasiticide. In addition, the vaccines segment is divided into inactivated vaccines, attenuated vaccines, and recombinant vaccines. Similarly, the medicated feed additives segment is divided into amino acids and antibiotics.

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owing to surge in number of companion animal owners and easy availability of veterinary medicines. Moreover, other factors such as surge in animal health expenditure also boost growth of the veterinary medicine market in North America. Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to use of veterinary medicines. The other factors that boost growth of the market include surge in awareness related to animal health and rise in ownership of companion animals in the region.

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